Africa is making strides to expand its oil and gas reserves, with multiple countries introducing new licensing rounds and accelerating ongoing ones. Sub-Saharan Africa is expected to spearhead this growth, with more than 11 licensing rounds planned for 2024 and 2025. Nigeria Unveils 2024 Deepwater Bid Round The Nigerian Upstream Petroleum Regulatory Commission launched the Nigeria License Round 2024 in April 2024, offering 19 oil and gas blocks. The round includes 12 new oil blocks and seven
In the first quarter, the government’s expenditure on fuel procurement decreased by 21%, totaling US$769 million, according to the head of the sector. Luis Fernandes, Director-General of the Petroleum Derivatives Regulatory Institute (IRD), provided detailed insights, revealing that 1.2 million metric tons of fuel were purchased during this period. Diesel accounted for 51.3% of the purchased fuel, followed by gasoline at 35.5%, fuel oil at 7.7%, JET A1 (aircraft fuel) at 4.5%, illuminating oil at
Afentra, an upstream oil and gas company, has received approval from the Angolan government to acquire a 12% stake in Block 3/05 and a 16% share in Block 3/05A from international energy firm Azule Energy. The acquisition process between Afentra and Azule Energy is in its final stages, with expectations to conclude the deal within the second quarter of 2024. Notably, the Angolan government has designated the Punja Development Area, located in Block 3/05A, as
The Dangote refinery, with a staggering processing capacity of 650,000 barrels per day (bpd), has emerged as a powerhouse, eclipsing Europe’s largest refineries, according to a recent Bloomberg report. Owned by Africa’s wealthiest individual, the $20.5 billion Dangote refinery has finally commenced production in January after facing prolonged delays. Its capacity outshines that of Europe’s leading refineries, such as the Pernis Refinery in the Netherlands, which has an installed capacity of 404,000 bpd, and the
Over the past year, fuel prices increased in several African countries. Most of Africa, especially its biggest nations, faced significant fiscal challenges at the start of 2023 and, consequently, the new year. However, these pressures are projected to be eased, as measures and initiatives are being put in place to curtail the energy inflation plaguing the continent. Rising petroleum prices rapidly impact costs associated with transportation, which puts pressure on the cost of products and
A recent report sheds light on Nigeria’s staggering annual loss of $9.2 billion in its oil industry, primarily attributed to foreign shipping companies. This revelation underscores one of several avenues through which Nigeria’s oil and gas sector hemorrhages revenue. The Punch newspaper detailed how Nigeria forfeits $9.2 billion annually to foreign shipping firms that handle goods that could be managed by a national fleet. Hassan Bello, former Chairman of the National Fleet Implementation Committee, emphasized
A company associated with the Abu Dhabi royal family has struck a massive €12 billion deal with South Sudan, involving oil repayment, raising questions about the country’s economic future. The Dubai-based Hamad Bin Khalifa Department of Projects (HBK DOP) has inked the agreement with South Sudan, as revealed in a confidential report reviewed by Bloomberg. The deal, signed between HBK DOP and South Sudan’s former finance minister, Bak Barnaba Chol, outlines repayment terms involving oil
OPEC is considering Namibia for potential membership, and willing to assist the country its oil exploration journey. Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, has expressed enthusiasm about a prospective collaboration with Namibia, and affirmed OPEC’s readiness to assist the southern African nation in its oil exploration journey. The OPEC+ oil producers coalition, having seen departures like Angola in recent times, is considering Namibia for potential membership, Reuters reported. This move comes as
Angola has taken a decisive step in curbing the illicit trade of petroleum products with the recent approval of Law No. 5/24. This legislation, aimed at combating smuggling, introduces harsh penalties for offenders and implements measures to confiscate assets gained from illegal activities. Under the new law, individuals involved in importing or exporting petroleum products to and from Angola face severe consequences, including prison terms ranging from three to twelve years. Moreover, swift mechanisms have
Niger and Mali have entered into a landmark agreement aimed at bolstering Mali’s energy security through the provision of affordable diesel. Under the deal, Niger will supply 150 million liters of diesel to Mali’s state energy firm, Énergie du Mali, at a significant discount. The agreement underscores Niger’s commitment to supporting Mali’s energy needs and ensuring stable and reliable electricity production, which is crucial for Mali’s socio-economic development. This partnership is part of broader efforts
